The Tissue Banking market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tissue banking refers to the storage of tissues like bones, heart valves, veins etc. that are used for transplantation purposes. The stored tissues are screened for infectious diseases and infectious agents to ensure safety. They help address the increasing demand for transplantation as tissues can be stored and used whenever required. Some key applications of tissue banking include musculoskeletal tissue banking, cardiovascular tissue banking, skin tissue banking and cancer immunotherapy.
Market Dynamics:
The Tissue Banking market is primarily driven by the increasing incidence of trauma cases and accidents globally which is raising demand for bone and musculoskeletal tissue replacements. As per the World Health Organization (WHO), road accidents account for around 1.3 million deaths annually worldwide. Moreover, chronic diseases like cancer are rising rapidly which is also fueling demand for tissue transplantation. According to the National Cancer Institute, around 1.8 million new cancer cases are expected to be diagnosed in the US in 2023. However, concerns around the risk of disease transmission still persists which is a challenge for the market's growth. Stringent regulations regarding tissue donation and storage are also acting as a restrain.
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